Seplat Pays Close to $700MM to the Nigerian Government

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Seplat has reported it paid a total of six hundred and eighty six million, five hundred and forty thousand and eight hundred and ten American dollars ($686,540,810) to the Nigerian government in 2015.

The company said it paid $573,690,618 as production entitlement to the state hydrocarbon company NNPC and $106,900,097 as royalties to the Department of Petroleum Resources DPR, the country’s regulatory agency. It also paid $879,306 in various fees to the DPR.

[Also Read] FG stops Seplat’s project on violation of Nigerian Content law

Seplat reported in a statement Thursday, June 30, 2016 that it paid $150, 484 to the Federal Inland Revenue Service, 598, 711 to the Nigerian Export Supervision Scheme and $4,221,594 to the Nigerian Content Development and Monitoring Board NCDMB

The payment were for projects and fees in the company’s 45% operated share of Oil Mining Leases OMLs 4, 38 and 41, as well as its non-operated 40% equity in the Pillar oil operated Umuseti field in OML 56, all in the western Niger Delta basin.

[Also Read] Seplat highlights plans to grow domestic gas market

Seplat has acquired more assets in 2016, including 40% stake in OML 53 and 22.5% stake in OML 55, but these have been after the period under review.

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